As an employer in the UK, it is your legal obligation to ensure the annual submission of the P11D form to HMRC covering all benefits and expenses which have been provided to your directors and employees throughout the tax year.
WS Payroll Services will handle the submission of your P11D form to HMRC. In addition, our expert payroll advisors offer payrolling of benefits and PAYE Settlement Agreement (PSA) services.
Working with each client individually, our skilled team will help to advise on the best approach for you so that you can focus on the day-to-day running of your business.
Form P11D – Expenses & Benefits
The P11D form is used to report any benefits or expenses, such as healthcare or a company car when available for private use, so that your directors and employees can pay any associated tax and national insurance (NI) contributions.
Payrolling of Benefits
Increasingly the choice of many businesses, payrolling is an alternative option to the P11D form for reporting employee benefits which may become the standard required by HMRC in the future. By payrolling, the benefit’s taxable value for the pay period is added to their taxable pay in the payroll, deducted in real-time, and paid directly to HMRC rather than filed annually the following year.
The P11D submission deadlines are as follows:
- 6th July – P11D and P11D(b) must be filed to HM Revenue & Customs
- 19th July – Payment by cheque of Class 1A must be made to HM Revenue & Customs
- 22nd July – Payment by electronic transfer of Class 1A must be made to HM Revenue & Customs
PAYE Settlement Agreement
A PAYE Settlement Agreement (PSA) allows employers to make a single payment annually to cover all tax and national insurance due for minor, impractical, or irregular expenses or benefits for employees which are not covered by exemptions. This method saves the employee the requirement of paying the tax outlined by a P11D.
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